Exchange traded funds that invest in the European financial sector and Italian government bonds were back under the gun Monday as the debt crisis heated up after Moody’s slashed its Greek debt rating further into junk territory.

In currency markets, the euro weakened a bit against the dollar after the common currency rallied late last week on the second Greek bailout. CurrencyShares Euro Trust (NYSEArca: FXE) is among the currency ETFs that track the euro.